DEV meet-up UiPath Document Understanding May 7 2024 Amsterdam
New Age Trends in CRM in Insurance Industry
1. “New Age” CRM Strategies for
Insurance Firms
Financial Technology Summit
08 June 2012, Goa
Ram Medury, ICICI Lombard
2. A little about General Insurance
Industry
Wide ticket-size spectrum
Rs 20 to 2 cr, but same service expectation
Claim intensive, unlike Life Insurance
Many post-purchase/servicing processes are
customer facing
Think of a car purchase
3. Insurance Customer Lifecycle
Inform &
Advice &
First Contracting
Quotation
Contact
Claims Cancellation/ Policy
Handling Renewal Handling
1. 100s of Moments of Truth
2. Need to deepen customer
Retention & relationship, improve customer
Referral experience at each MOT
4. Trend 1 - The Growth of Direct
Channel
Go Direct, young man!
Insurers focusing on direct business
Net Savvy Customers
Personalised/DIY, Self-service
Demanding
Importance of CRM goes up: analytics,
timings (when to contact, how, having
history)
7. Trend 2 - The Intermediaries, They
Are a-Changin‟
Traditional Agent: submit policy, come to
office again (and again)
New Agent: going online with servicing
Other partners : Hospitals, Garages
Garage settlement of claim happens locally –
access to customer record important
CRM gets extended to partners as well
8. Trend 3 - Mobility
Customer expectations changing – Instant
Gratification
Earlier accessibility was to fixed PC or call
center
CRM now onto mobile devices as front end
keeps changing, how to tie in
9. Trend 4 – Go Social
Corporate sales (eg: use linkedin to upload
contacts, store correspondence)
Impact on retail sales quite low as of now
CRM to track social n/w actions
engage potential customer community
community product reviews to facilitate online
sales
10. Trend 5 – Reputation
Management
Listen, capture, sentiment analysis (+/-
/neutral)
A good CRM should immediately address
customer query instead of doing it offline
11. A last bit on CRM Software in
Insurance
No single provider of an end to end Insurance
CRM
Most Indian Insurers do not have a CRM s/w
Is there more than one type of CRM s/w?
Sales-CRM
Service-CRM
Analytical CRM (as a horizontal)
Often building blocks need to be first in place;
e.g.: Single View of Customer
12. What hinders a „Single Customer
View‟
• Systems provide a „Policy View‟ rather than the
„Customer View‟
• Business data is stored in multiple systems and
formats
• Duplicated and fragmented data along with
complexity in data extraction
• All Customer interactions are not recorded